Tips on How to Survive Your First Year As a Financial Advisor

It has been determined by multiple sources that there is a small success rate for financial advisors in their first year. Many people do not survive their first year as a financial advisor. The combination of pressure to find clients, a steep learning curve, imposter syndrome, and a trove of other challenges push many advisors to their limits. By following these five tips, you’ll have a more successful first year in this position.

The Importance of Investing

Investing in courses, coaches, and tools may be intimidating during your first year in a new position. However, performing the same tasks, in the same way, does not typically yield improvements. One of the most important ways to get through the first year as a financial advisor is by investing in yourself. Courses, coaches, and conventions are all tools that can support a smoother experience during your initial year.

According to Indeed, investing in yourself supports you in multiple ways, including health, skills, and knowledge. As you enhance your skills and knowledge in financial advising, you’ll feel more confident in your skills which can help you “sell yourself” to prospective clients.

Create a Website With Your Personality

Sending potential customers to a lackluster website can make a bad first impression. If your copy is too “salesy” or comes across as ingenuine, your client may be turned off. By creating a website that has your personality, you’re allowing future clients to get to know you and building trust simultaneously.

Creating a website that appeals to clients while showcasing your personality, skills, and experience is essential. Done well, your website can be the place where you build credibility3 with your customers — and serve as a sales funnel for easier conversions.

Don’t Focus on Perfection

Many people head into a new career with the idea of having a perfect process in their minds. While that may sound nice, it’s typically not realistic. Specifically, the financial advisor process is refined through experience. So, you’ll need to gather a few “test” clients for practice before developing an ideal process.

Avoid focusing on perfection, and instead, simply begin. Then, you can adjust the process as you learn more about your client’s needs.

Many of your clients will be new to financial advising and won’t know if a mistake is made during the process. Both you and your client can learn together.

Be Open to Learning In Your First Year as a Financial Advisor

While becoming a financial advisor requires some learning on your own, it’s also essential to listen to the wisdom of more established advisors. You’ll find some of the best tidbits of information from those who have previously been in your position as a new financial advisor.

According to the National Academies Press, experts in their chosen fields have developed an ability to think more effectively about and resolve issues. By learning from someone who has built years of expertise in the field, you can adopt their mindset and better process any situations that arise during your first year as a financial advisor.

Experts can also offer tips on how to survive your first year.

Reach Out to Peers

While it may be an initial response to reach out to experts with questions during your first year as a financial advisor, you’ll also benefit from keeping close relationships with your peers in the industry beyond the beginning. Peers can offer advice on situations they have recently gone through, with the event fresh in their minds.

You can bounce ideas off of them, or ask them to review your initial client financial plans for any mistakes.

Additionally, your peers can provide moral support when you’re likely unsure of yourself. A strong support system is critical to success in the financial industry. A good support system can even help motivate you as you work through stressful situations.

STC has a vast resource center for launching and growing your career in finance and can connect you with industry experts. For more insight on transitioning smoothly into your new career in financial planning, contact Securities Training Corporation (STC) today.

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